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Retired Army Colonel Duped of Rs 3 Crore on Pretext of Investments

In his complaint, the victim, Colonel Raghujit Singh said he was enticed into investing in some life insurance companies and gave an insurance agent and his accomplice approximately Rs 50 lakh through various bank transfers.

PTI

Updated:October 20, 2018, 7:45 PM IST
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Retired Army Colonel Duped of Rs 3 Crore on Pretext of Investments
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New Delhi: A retired army colonel has filed a complaint with the Delhi Police's Economic Offences Wing (EOW) after he was allegedly duped of more than Rs 3 crore on the pretext of investing in insurance policies, police said Saturday.

Based on the complaint, a case was registered against two men on October 18. In his complaint, the victim, Colonel Raghujit Singh said he was enticed into investing in some life insurance companies and gave an insurance agent and his accomplice approximately Rs 50 lakh through various bank transfers.

Colonel Singh said the insurance agent switched off his cell phone in August 2014. In September 2017, he was contacted by a man claiming to be an advocate at the National Insurance Council who assured him he would get his lost money back.

Between October 2017 and August 2018, Colonel Singh transferred around Rs 2.40 crore to the advocate and his accomplices in the name of better bonuses and getting his lost money back with interest.

He claimed that he even borrowed Rs 69 lakh from his friends to pay money to the advocate. However, after September 29, their phones were switched off, Colonel Singh said. Police said they are probing the matter and trying to identify the accused persons.
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